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UPDATE! Investigation of VITO J. BALSAMO and NATIONAL SECURITIES CORP.

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24
Jun

UPDATE! Investigation of VITO J. BALSAMO and NATIONAL SECURITIES CORP.

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Vito J. Balsamo and National Securities Corp.

Have you lost money with financial advisor Vito J. Balsamo of New York City?  We are investigating allegations made by FINRA, the Financial Industry Regulatory Authority, against Vito Balsamo.  FINRA barred Vito Balsamo from the securities industry after he failed to respond to a FINRA investigation.  FINRA investigated Balsamo for allegations that he engaged in outside business activities without notifying his firm, National Securities Corporation.  FINRA alleged that from June 2010 to September 2010, Balsamo solicited at least three customers of National Securities Corp. to invest at least $475,000 in V.W. Industries LLC, a purported construction company.

FINRA alleged that Balsamo did not have permission from his firm to sell interests in V.W. Industries.  FINRA further alleged that Balsamo earned an ownership interest in VW Industries for his sales efforts.

Vito W. Balsamo was a financial advisor and registered representative of National Securities Corporation from April 2008 to February 2012.  He worked at a branch office in New York, New York, and he operated his business under OPN Capital Markets.  In January 2012, Balsamo was charged with racketeering, a claim which is still pending. Vito Balsamo has been the subject of at least 4 customer complaints.

Brokerage firms like National Securities Corp. have a responsibility to adequately supervise all representatives who are registered through their firm.  Brokerage firms also must take steps to ensure that their financial advisors follow all securities rules and regulations, as well as internal firm policies, such as refraining from selling investments and securities that are not approved by the firm.  When brokerage firms fail to adequately supervise their registered representatives, they may be liable for investment losses sustained by customers.

Israels & Neuman PLC is a securities and investment fraud law firm with offices in Denver, Colorado and the Seattle area.  We represent investors in FINRA arbitration proceedings in all 50 states, including investors in New York and New Jersey.  Our attorneys have represented over one thousand investors against many brokerage firms in the past, including National Securities Corp., LPL Financial, Merrill Lynch, Morgan Stanley, Smith Barney, Stifel Nicolaus & Company, UBS Financial Services, Oppenheimer, Charles Schwab, Wells Fargo Advisors, Ameriprise Financial Services, Raymond Vito, ProEquities, Securities America, and many others.

 

If you lost money with Vito Balsamo or National Securities Corp., please Contact Us at 720-599-3505 for a free evaluation of your case.

 

Click to view:  Balsamo FINRA AWC

Israels & Neuman, PLC is a private law firm and is not affiliated with any government or law enforcement agency. Any investigation referenced in this blog is independent in nature and is being conducted by our law firm privately, not in conjunction with any government or law enforcement agency. All information contained in this blog should be deemed statements of opinion derived from the author’s review of public records, not statements of fact. This blog is advertising material and does not create an attorney client relationship, nor does it constitute legal advice. Everyone’s situation is different and the question of whether or not you have a claim will vary on a case-by-case basis. In contingent representation, clients may still be liable for costs.
10.0David P Neuman

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